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RBI okays 49% foreign investment in V-Mart Retail
24
Dec '15
The Reserve Bank has allowed foreign institutional investors to buy up to 49 per cent stake in V-Mart Retail, a family fashion store that primarily operates in tier II and tier III cities, according to an agency report.

"Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of V-Mart Retail Limited under the Portfolio Investment Scheme (PIS)," RBI said in a statement.

The RBI said the foreign shareholding by FIIs/RFPIs in V-Mart Retail have gone below the revised threshold limit.

"Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect," it added.

As of quarter ended September 2015, FIIs held 23.09 per cent in V-Mart, according to BSE data.

The company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs, the RBI said in the statement.(SH)

Fibre2Fashion News Desk – India

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